FX.co ★ Turkey's Current Account Swings from Surplus to Deficit in November 2024

Turkey's current account balance experienced a sharp turnaround in November 2024, shifting from a surplus to a deficit, according to data updated on January 13, 2025. The country's current account, which had previously been in the black with a surplus of $1.88 billion in October, nosedived into a deficit of $2.87 billion in November.

This drastic swing by $4.75 billion highlights significant economic pressures or shifts that Turkey might be tackling. The change from a surplus to a considerable deficit raises concerns about the underlying drivers affecting the Turkish economy, which may include variances in imports and exports, currency valuation, or shifts in foreign investment flows.

Such a substantial shift calls for close monitoring by policymakers and potential adjustments in economic strategy to address the underlying causes and mitigate future financial vulnerabilities. Analysts and stakeholders will be keenly observing further data releases to gain insights into how Turkey's financial landscape is evolving.